These financial statement items are for B. Snyder Company at year-end, July 31, 2010. Salaries payable Salaries expense Utilities expense Equipment Accounts payable Commission revenue $ 2,080 51,700 22,600 18,500 4,100 $ 1,800 24,200 9,780 6,000 4,000 Note payable (long-term) Cash Accounts receivable Accumulated depreciation B. Snyder, Drawing Depreciation expense B. Snyder, Capital (beginning of the year) 61,100 8,500 4,000 51,200 Rent revenue Instructions (a) Prepare an income statement and an owner's equity statement for the year. The owner did not make any new investments during the year. (b) Prepare a classified balance sheet at July 31.
These financial statement items are for B. Snyder Company at year-end, July 31, 2010. Salaries payable Salaries expense Utilities expense Equipment Accounts payable Commission revenue $ 2,080 51,700 22,600 18,500 4,100 $ 1,800 24,200 9,780 6,000 4,000 Note payable (long-term) Cash Accounts receivable Accumulated depreciation B. Snyder, Drawing Depreciation expense B. Snyder, Capital (beginning of the year) 61,100 8,500 4,000 51,200 Rent revenue Instructions (a) Prepare an income statement and an owner's equity statement for the year. The owner did not make any new investments during the year. (b) Prepare a classified balance sheet at July 31.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text:These financial statement items are for B. Snyder Company at year-end, July 31, 2010.
Salaries payable
Salaries expense
Utilities expense
Equipment
Accounts payable
$ 2,080
51,700
22,600
18,500
4,100
$ 1,800
24,200
9,780
6,000
4,000
4,000
51,200
Note payable (long-term)
Cash
Accounts receivable
Accumulated depreciation
B. Snyder, Drawing
Depreciation expense
B. Snyder, Capital (beginning
of the year)
Commission revenue
61,100
8,500
Rent revenue
Instructions
(a) Prepare an income statement and an owner's equity statement for the year. The owner did
not make any new investments during the year.
(b) Prepare a classified balance sheet at July 31.
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